Managing Risks

  • Organisational work activities and decisions at work all involve risks. Every time a risk materialises in an organisation, there will be some time loss, missed objective or at an additional financial cost. Sometimes it could mean a loss of opportunity and revenue.
  • The use of computer software and automation has help reduce many of the risks but still many risks remain in everyday business as market dynamics change with internal management responses.
  • Employees of an organisation, as much as their managers and heads of departments, are responsible for managing risks in their areas of responsibilities. The risks they face are varied, ranging from budget deviations, to regulatory missteps, to wrong strategies, lack of internal control, and errors at work. Hence managing risks is a key competency for success in the marketplace.